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Get A Comparative Guide To Anti-Money Laundering: A Critical PDF

By Mark Pieth

All of the significant monetary centres have skilled an increase in anti-money laundering ideas and rules. at the beginning, anti-money laundering legislation have been used as a weapon within the conflict on medications, while extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors demonstrate, have had critical results for banks and different monetary associations - affecting not just revenue margins but additionally the best way company is carried out. Topical and pertinent matters addressed during this e-book comprise questions similar to, has all of the fresh legislative job relatively positioned a cease to the matter? Are the foreign principles being applied as rigorously as they need to? How point is the taking part in box in pass border banking? The regimes and implementation of anti-money laundering legislation and rules of 4 significant, pass border, monetary centres also are tested intensive: Switzerland, Singapore, the united kingdom, and the united states. Going past the simply descriptive, there are comparative analyses of those nations opposed to latest foreign criteria - with illuminating effects. This new publication is stuffed with unique perception and research and may be a useful source for legal professionals, either scholarly and practitioner established, with an curiosity in financial crime in addition to policymakers and compliance officials inside of banks and different monetary associations.

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Additional resources for A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA

Sample text

From this perspective, it was highly symbolic that Switzerland assumed the chairmanship of the task force immediately after the original French presidency (1992/93 FATF III). From year four (FATF III) onwards, the membership of the group was enlarged to all OECD countries plus the ‘Gulf Co-operation Council’ (FATF II) and Singapore (FATF III). From the beginning, FATF worked with a staff of three, but was heavily supported by country delegations. The actual power centre remained with a very informal ‘steering committee’ constituted as a kind of ‘friends of the Chairman’ group, without written rules.

To date, sanctioning procedures within the Group have generally been far more subtle in practice. 34 It opens up the process to the pragmatic expansionism of crime control concepts, it does not guarantee respect for the rule of law and, ultimately, the risk of hegemony is 12 A comparative guide to anti-money laundering germane to the notion of peer pressure. Insistence on the Nation State’s ways of law making is no real alternative when developing internationally co-ordinated rules as long as there is no ‘World Parliament’.

Theoretically, this would be relatively unproblematic because such Recommendations would ultimately have to be translated into domestic law by national parliaments. However, these Recommendations have proved to be politically binding. The peer process depends on ‘naming-and-shaming’ mechanisms, but in practice states – at least the smaller ones – do not have a choice of whether to implement or ignore the Recommendations. The ‘Forty Recommendations’ even include formal sanctioning procedures, when special attention is requested in relation to persons, companies and financial institutions based in countries that apply these Recommendations insufficiently (Rec.

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